Foxconn is set to purchase Belkin, Linksys, and Wemo in an $866 million cash merger.

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Foxconn is buying Belkin, Linksys, and Wemo in $866M deal

The deal pends U.S. government approval.

Mar 27, 2018, 3:22 am

Tech

 

Kris Seavers

Foxconn, the Taiwan company known for making Apple’s iPhones, is set to acquire well-known tech company Belkin along with its brands Linksys and Wemo, the Verge reported Monday.

Pending U.S. government approval, Foxconn subsidiary Foxconn Interconnect Technology will pay $866 million in cash for Belkin, which is known for creating computer and phone accessories like wireless chargers and phone cases. In the past five years, California-based Belkin has acquired Linksys, which sells home routers, and Wemo, a smart home system.

The deal is subject to approval from the U.S. Committee on Foreign Investment, but as the Verge notes, Foxconn’s promise to build a $10 billion factory in Wisconsin could help move the purchase along.

Foxconn is reportedly trying to diversify its business, and the direct-to-consumer sales of Belkin products will help the company rely less on making iPhones for Apple. Both Foxconn and Apple came under scrutiny in the past for reports of poor working conditions and suicide rates for Foxconn’s factory workers in Taiwan and China.

H/T the Verge

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*First Published: Mar 27, 2018, 3:22 am